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2 - Economic Property Rights

Published online by Cambridge University Press:  17 August 2023

Yoram Barzel  and
Douglas W. Allen
Yoram Barzel
Affiliation:
University of Washington
Douglas W. Allen
Affiliation:
Simon Fraser University, British Columbia
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Summary

There are many notions of property rights. The critical concept in this book is an Economic Property Right, which is defined as an individuals ability in expected terms to exercise a choice with respect to a commondity. Such rights depend on the individuals legal and moral rights to that commodity. Such rights are complicated because they might be spread out across different subsets of a commoditys attributes, and different people might hold different types of rights to the commodity. Furthermore, the strength of any given property right can vary and is under the choice of various people.

Keywords

Economic Property RightsLegal RightsMoral RightsDivided OwnershipImperfect Property RightsIncomplete Property Rightsthe Distribution of Property Rights
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Economic Analysis of Property Rights , pp. 14 - 32
Publisher: Cambridge University Press
Print publication year: 2023

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